White label ATM Banks in India meaning definition 2016
White label ATM Banks in India
White label ATM Now we discuss Muthoot White label ATM Banks in India and
brown label am rollout may take more time Reserve Bank of India 2013 meaning
definition The roll out of white-label automated teller machines (ATM)
may still take a long time as most of the successful applicants are not still
unready to start operations, a Reserve Bank of India (RBI) official said.
White-label ATMs are teller machines that don't have a label
of a particular bank as these machines are installed and operated by non-bank
entities. In simple words, these machines offer services to customers of all
banks.
The RBI wants the launch of white-label ATMs in a bid to
extend the reach of ATMs, particularly in rural parts of the country. The
central bank has already given in-principle approvals to 13 companies for
installing and operating these machines.
But, the official, who was speaking on the condition of
anonymity, said that Tata Communications was the only companies of the 13
applicants that has obtained certificate of authorization to commence
while-label ATM operations.
The remaining 13 companies are still struggling to complete
formalities and get certificates of authorization.
Speaking on the topic, the official said, "They have to
set up their IT systems. Some have to get certain clearances; others submit
balance sheets and get foreign equity. They will then get back for
authorization."
Tata Communications has already started the launch of
white-label ATMs. The company aims to launch as many as 50,000 ATMs by the year
2016.
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